Almost a year after raising $5 Mn in its Series A funding round, hospitality startup ELIVAAS has raised INR 87 Cr (around $10 Mn) in its Series B funding round led by Vertex Ventures.

The funding round also saw participation from existing investors, including Peak XV Partners’ Surge and 3one4 Capital.

The Delhi NCR-based startup aims to deploy the fresh capital to expand its global footprint, enhance its tech stack by leveraging AI, and build its brand identity.

The startup, which is currently present in 32 cities across India, plans to foray into Southeast Asia with the new funding, its founder Ritwik Khare told Inc42.

Founded by former MakeMyTrip executives Khare and Karan Miglani in 2023, ELIVAAS is a luxury full-stack hospitality service provider which lets home owners rent their properties via its platform. Apart from its own website, ELIVAAS also offers its service via travel market players like MakeMyTrip and Airbnb.

ELIVAAS offers services to three stakeholders in the hospitality chain – property owners, travellers and housekeepers. Apart from facilitating listing and renting of properties for house owners and travellers, ELIVAAS also takes care of the services offered at the premises.

The startup earns a part of the booking cost and also charges for the services offered to travellers on the premises.

In September 2024, ELIVAAS raised $5 Mn in its Series A funding round to strengthen its tech stack, expand its market reach and scale operations. It also used a part of the funds to launch its housekeeper app to assist property caretakers to streamline services at the venue, Khare added.

“We have expanded our supply from about 100 properties last year to about 500 properties this year,” he said.

According to Tofler, ELIVAAS posted a net loss of INR 10.4 Cr in FY24 on a revenue of INR 7 Cr. While the startup is yet to release its FY25 numbers, the founder told Inc42 that its top line surged 4X during the year.

ELIVAAS competes with the likes of TATA Group-owned Ama Stays and Trails, SaffronStays, and Lohono in the luxury villa segment in the country.

India’s hospitality industry is currently estimated to be worth $281.8 Bn and is expected to clock a CAGR of 13.9% to reach a size of $541.7 Bn by 2030.

From five-star hotels to hostel beds, the industry is witnessing a huge trend shift which has resulted in an increase in the variety of offerings. Leading this change are India’s new-age tech startups.

While OYO is a prominent name in the Indian hospitality startup segment, the likes of Treebo Hotels and Zostel are among the other players operating in the sector. Besides, a number of new entrants are also looking to disrupt the market.

For instance, NapTapGo has brought the Japanese trend of capsule stays in India. The startup, founded in 2023, offers AI-powered ultra-compact capsule stays with prices starting at just INR 500 for hourly stays, customised stays and even long-term stays.

Last year, The Hosteller raised INR 48 Cr to expand its footprint across Indiaand strengthen its base in existing cities such as Rishikesh, Manali, Bengaluru and Delhi, among others. It offers various affordable and accessible backpacker hostels in different locations across India for travellers.

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